USDJPY Declines from Resistance

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The USDJPY             has moved off range resistance, and has continued its decline this morning after the release of US Initial Jobless Claims data for the month of August. Expectations were set at 2253k for today’s event. With the results coming in slightly worse than expected at 2257k, the USDJPY             has now traded completely through today’s 57 pip Camarilla pivot trading range. With price no longer above the S3 pivot , found at a price of 119.97, this opens price action up to a potential breakout. Bearish breakout trading opportunities can begin with a move below the S4 pivot , displayed below at 119.63.

Alternatively, in the event of a bullish price reversal, traders will watch for price action to bounce and then enter back inside of today’s trading range. This range begins with the S3 pivot mentioned above, and a move to this point opens price to retest range resistance denote by the R3 pivot at 120.66. It should be noted, that a continued move beyond the R4 pivot , found at 121.00, would be the first significant bullish breakout in the last 5 trading days. In either of these bullish scenarios, the current downward momentum would be considered invalidated, and traders should adjust their positioning accordingly.
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